New Delhi, Nov. 26 -- India will become self-reliant in rare earth magnets in three-to-four years, Union Minister Ashwini Vaishnaw said on Wednesday, after he announced that the Union Cabinet has approved a Rs 7,280 crore scheme to promote the manufacturing of sintered Rare Earth Permanent Magnets (REPM).

"We will become Atmanirbhar within three-four years, considering that our production capacity would increase," the minister said, responding to media query on when will India will become self-reliant on rare earth magnets.

REPMs are one of the strongest types of permanent magnets and are vital for electric vehicles, renewable energy, electronics, aerospace, and defence applications. The Scheme will support the creation of integrated RE...